Updates to the Client ID Screen in RealtiWeb

FINTRAC amends ID Verification guidelines for Schedule I and II Banks

The Client ID section of RealtiWeb has been updated to capture the information required by the new FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) guidelines prior to the enforcement date of June 30, 2017.

As you may already know, Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued new client identification guidelines for Schedule I & II Banks that become mandatory on June 30, 2017. Some mortgage lenders (such as TD Canada Trust) have already adopted these new guidelines. Essentially, the new requirements allow for two methods to ascertain client identity. 

Single process method

Involves a current and original photo identification issued by a federal, provincial or territorial government to ascertain client identity. You may accept a foreign photo identification document if it is equivalent to a Canadian photo identification document listed in the guidelines.

Dual process method

Involves referring to information from reliable and independent sources. The information may be found in documents from these sources or may be information that these sources are able to provide. If you refer to a document, you must view the original, valid and current document.
We have updated the Client ID screen of RealtiWeb to capture the additional information required by FINTRAC’s new guidelines.

Note that you should always refer to your lender’s specific instructions and follow your Law Society’s requirements when obtaining identification.

For more information, see the support memo available from the RealtiWeb Bulletin Board.